Word: weidenbaum
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...advisers in recent weeks have turned more and more to intrigues and attempts to outflank each other and seize the policy initiative. One White House official last week griped bitterly in private to Washington journalists about the low quality of economic advice being given to the President by Murray Weidenbaum, chairman of the Council of Economic Advisers, and Treasury Secretary Donald Regan. Meanwhile, Treasury officials issued broadsides of their own. Among the more startling was a byline article in FORTUNE by Assistant Treasury Secretary Roberts, who leveled a deftly worded attack on Stockman for endangering the President's program...
...President characterized the recession as "slight and, I hope, short." Murray Weidenbaum, his chief economic adviser, predicted that recovery would begin early in 1982. Some private forecasters, however, foresee a serious slump dragging on until the middle of next year. Nor is there any indication yet how much the recession might bring down inflation, if at all. In fact, consumer prices in September leaped up at a shocking annual rate...
...wanderer from the true faith appears to be Treasury Secretary Donald Regan, who along with Budget Director David Stockman and Council of Economic Advisers Chairman Murray Weidenbaum is a member of Reagan's "economic troika." Regan last week called upon the Federal Reserve Board to loosen the tight money supply. He merely wanted the Fed to honor its own targeted growth rates for the money supply and avoid choking the economy, but to monetarists looser money is absolute heresy...
...Weidenbaum called Regan and asked him, "What's going on here? We've got to be talking with one voice." The CEA chairman told Regan he agreed with the Secretary's statement in principle but was opposed to the Fed pumping more money into the economy now. Then, at a breakfast meeting with reporters the next day, Stockman implicitly contradicted Regan by arguing that the Fed should keep the brakes on the money supply. As Regan continued to attack the Fed's tight money policy on a two-day speaking tour, Treasury Under Secretary Beryl Sprinkel...
Administration officials deny that its economic advisers are speaking in disparate voices. "There is a major, underlying core of agreement on the program that has been there all along," says Martin Anderson, White House adviser for domestic affairs. "No one disagrees with the broad thrust." Adds Weidenbaum: "We're all in tune. There are no ideologues among...